The state Authorities Budget Office found that the IDA board "does not adequately monitor the IDA's active project" and "the IDA either does not have documentation to support the data it reports or it reports data that is not supported by source documentation."

While nearly every small IDA audited has problems with either accuracy or documentation, North Greenbush was unusual in having both problems, Michael Farrar, the acting ABO director, said Thursday.

The Parker School project originally received $1.2 million in IDA bond assistance in 1998. The project was then refinanced in 2006 with $1.27 million in bonds.

The ABO said the IDA should have reported the first project was completed and reported the 2006 bonding as a new project.

"However, it is unclear what information the IDA relied upon when reporting the information for this project," the ABO report said.

The Woodland Hills Montessori School project was valued at $2.9 million, but the IDA underreported the project's costs by $1.1 million when it issued $1.8 million in bonds in 2001.

When it comes to employment information, "The IDA reported incorrect employment data for both projects," the ABO stated. "However the data reported by the IDA significantly understates the targets for each project which overstates the actual results obtained."

The ABO criticized IDA Chairman John Panichi for using staff from his firm, Benetech, to provide accounting services for the IDA, and for his failure to attend required training.

The ABO and IDA met to discuss the findings.

"We've embraced the report," Panichi said.

The two active projects the ABO reviewed are old, said Panichi. He said the IDA underreported the jobs that were created. The IDA pointed this out noting the Parker School project reported 26 jobs in 2013 but the IDA reported 10 jobs, while the Woodland Hills project reported 42 jobs in 2013, but the IDA said there were 30 jobs.

The IDA should review the use of Panichi's company, the ABO said.

Panichi said his company staff worked on the IDA records and reports as a volunteer effort.

"We're doing it because we're trying to save money," Panichi said.

The audit said Panichi has asserted a "strong leadership role in managing the IDA operations, although the Chair does not have a good understanding of those responsibilities. We believe that this is partly due to the Chair failing to attend statutorily required board member training, although the Chair has been a board member for over a year and a half."